A statue of Bitcoin’s inventor, Satoshi Nakamoto, could soon be erected in Ukraine’s capital as part of a larger project known as the Virtual Decentralized Blockchain Republic.

A Satoshi Nakamoto statue would hold great symbolic significance, if erected, as it would be placed next to where Lenin’s once stood.

Kiev or Kyiv, the capital of Ukraine, has announced that it may be erecting a monument of Satoshi Nakamoto - the entity that invented the number one cryptocurrency Bitcoin. Reportedly, the erection of the monument will be done in different stages.

The first stage will involve erecting a virtual monument of Satoshi, and will be viewable through smartphone apps. After it’s completed, the second stage will see a petition be sent to the Kyiv City State Administration to ask for permission to construct the monument. A fundraising campaign that would see funds go toward creating Satoshi’s monument is expected to be launched in this second stage.

If the city’s administration approves the request, the statue will reportedly be erected on boulevard Shevchenko where the monument to Vladimir Ilyich Ulyanov (better known as Lenin) resides. The Satoshi monument, if erected next Lenin’s, would hold a lot of symbolic significance because Lenin served as Soviet Russia’s head of government in the early 20th century, and is known till this day to be a revolutionary political theorist.

Virtual Decentralized Blockchain Republic foundation

Should Kyiv’s city administration not approve the construction of Satoshi’s monument, the petitioners will try to do it at different place. At present, there appears to be a lot of interest to erect Satoshi’s statue on one of Kyiv’s technologically advanced business centers.

The team behind the monument noted that it is involved in other projects such as the Virtual Decentralized Blockchain Republic foundation. There’s also notably a Satoshi Nakamoto city where the foundation’s headquarters might be based.

The Virtual Decentralized Blockchain Republic is set to establish its embassies in various cities throughout the world who have expressed interest in the idea. There will be ambassadors appointed to represent the republic and part of their work will include overseeing the erection of monuments.

Additionally, individuals willing to donate funds for the erection of the republic’s monuments will be called “crypto angels”. These “crypto angels” will reportedly receive Satoshi tokens as a reward for their contributions. These Satoshi tokens might be exchanged for a virtual citizenship in the decentralized republic or simply sold in the future.